September 8, 2009
On August 3, Point2 Technologies Inc. released its Real Estate Confidence Index (RECI) survey report for the month of August 2009.
The RECI extended its upward move for the third consecutive month but remained marginally in positive territory, recording a 5.9 reading at the national level on the Index scale of one to ten (1 being “Bad” and 10 being ‘Good”). The August reading reflects a 5.4 percent improvement over July 2009 and a 21 percent increase over the June 2009 average.
The RECI tracks “Current”, “Short-Term” and “Long-Term” market sentiment of real estate professionals in the United States. The median response across all questions represents the Index measure for the month.
Short Term Optimism / Pessimism (3-6 months) averaged 5.8 in August, a 4.5 percent improvement over July and almost at par with the June reading of 5.74.
Long Term Optimism / Pessimism (6-12 months) sentiment moved up to 6.88, a 3.6 improvement over the July reading and nearly equal to the June reading of 6.8.
“We continue to track overall improving sentiment within the Point2 broker and agent community around the country,” said Saul Klein, Chief Executive Officer, Point2 Technologies. “How do sentiment and reality track? That can only be determined in retrospect.”
Then again, the sample appears to be quite small with only 3,151 self-selected real estate professionals.
To obtain the RECI Summary Report including respondent commentaries click here.